Monthly contracts listed for the current year and the next 5 calendar years and June and December contracts for 3 additional years. Monthly contracts for the balance of a new calendar year will be added following the termination of trading in the December contract of the current year.

Termination Of Trading

Trading terminates 3 business days before the termination of trading in the underlying futures contract.

A WTI Calendar Spread Put Option on the Exchange represents an option to assume a short position in the first Expiring Light Sweet Crude Oil Futures in the spread and a long position in the second expiring Light Sweet Crude Oil Futures in the spread on the Exchange. A WTI Calendar Spread Call Option represents an option to assume a long position in the first expiring Light Sweet Crude Oil Futures in the spread and a short position in the second expiring Light Sweet Crude Oil Futures in the spread traded on the Exchange.

A WTI Calendar Spread Put Option on the Exchange represents an option to assume a short position in the first Expiring Light Sweet Crude Oil Futures in the spread and a long position in the second expiring Light Sweet Crude Oil Futures in the spread on the Exchange. A WTI Calendar Spread Call Option represents an option to assume a long position in the first expiring Light Sweet Crude Oil Futures in the spread and a short position in the second expiring Light Sweet Crude Oil Futures in the spread traded on the Exchange.

A WTI Calendar Spread Put Option on the Exchange represents an option to assume a short position in the first Expiring Light Sweet Crude Oil Futures in the spread and a long position in the second expiring Light Sweet Crude Oil Futures in the spread on the Exchange. A WTI Calendar Spread Call Option represents an option to assume a long position in the first expiring Light Sweet Crude Oil Futures in the spread and a short position in the second expiring Light Sweet Crude Oil Futures in the spread traded on the Exchange.

A WTI Calendar Spread Put Option on the Exchange represents an option to assume a short position in the first Expiring Light Sweet Crude Oil Futures in the spread and a long position in the second expiring Light Sweet Crude Oil Futures in the spread on the Exchange. A WTI Calendar Spread Call Option represents an option to assume a long position in the first expiring Light Sweet Crude Oil Futures in the spread and a short position in the second expiring Light Sweet Crude Oil Futures in the spread traded on the Exchange.

A WTI Calendar Spread Put Option on the Exchange represents an option to assume a short position in the first Expiring Light Sweet Crude Oil Futures in the spread and a long position in the second expiring Light Sweet Crude Oil Futures in the spread on the Exchange. A WTI Calendar Spread Call Option represents an option to assume a long position in the first expiring Light Sweet Crude Oil Futures in the spread and a short position in the second expiring Light Sweet Crude Oil Futures in the spread traded on the Exchange.

The underlying spread for the one-month Daily Calendar Spread Option will be defined as the first nearby month Light Sweet Crude Oil Futures contract less the second nearby month Light Sweet Crude Oil Futures contract. The underlying spread for the two-month Daily Calendar Spread Option will be defined as the first nearby month Light Sweet Crude Oil Futures contract less the third nearby month Light Sweet Crude Oil Futures contract. A call Option represents the differential between the settlement price of the underlying spread less the strike price, or zero whichever is greater, multiplied by 1,000. A put Option represents the differential between the strike price and the settlement price of the underlying spread, or zero, whichever is greater, multiplied by 1,000. In the event that the option is expiring on the last trading day of the first nearby Light Sweet Crude Oil Futures contract, the underlying spread for the one-month Daily Calendar Spread Option will be defined as the second nearby month Light Sweet Crude Oil Futures contract less the third nearby month Light Sweet Crude Oil Futures contract. The underlying spread for the two-month Daily Calendar Spread Option will be defined as the second nearby month Light Sweet Crude Oil Futures contract less the fourth nearby month Light Sweet Crude Oil Futures contract.

The underlying spread for the one-month Daily Calendar Spread Option will be defined as the first nearby month Light Sweet Crude Oil Futures contract less the second nearby month Light Sweet Crude Oil Futures contract. The underlying spread for the two-month Daily Calendar Spread Option will be defined as the first nearby month Light Sweet Crude Oil Futures contract less the third nearby month Light Sweet Crude Oil Futures contract. A call Option represents the differential between the settlement price of the underlying spread less the strike price, or zero whichever is greater, multiplied by 1,000. A put Option represents the differential between the strike price and the settlement price of the underlying spread, or zero, whichever is greater, multiplied by 1,000. In the event that the option is expiring on the last trading day of the first nearby Light Sweet Crude Oil Futures contract, the underlying spread for the one-month Daily Calendar Spread Option will be defined as the second nearby month Light Sweet Crude Oil Futures contract less the third nearby month Light Sweet Crude Oil Futures contract. The underlying spread for the two-month Daily Calendar Spread Option will be defined as the second nearby month Light Sweet Crude Oil Futures contract less the fourth nearby month Light Sweet Crude Oil Futures contract.

A Daily Crude Oil Put Option traded on the Exchange represents the cash difference between the strike price and the settlement price of the first nearby settlement price of Light Sweet Crude Oil Futures multiplied by 1,000 barrels, or zero, whichever is greater. A Daily Crude Oil Call Option traded on the Exchange represents the cash difference between the settlement price of the first nearby settlement price of Light Sweet Crude Oil Futures and the strike price multiplied by 1,000 barrels, or zero, whichever is greater.

On expiration of a call option, the value will be the difference between the settlement price of the underlying Light Sweet Crude Oil Futures and the strike price multiplied by 1,000 barrels, or zero, whichever is greater. On expiration of a put option, the value will be the difference between the strike price and the settlement price of the underlying Light Sweet Crude Oil Futures multiplied by 1,000 barrels, or zero, whichever is greater.

Monthly contracts listed for the current year and the next 5 calendar years and June and December contracts for 3 additional years. Monthly contracts for the balance of a new calendar year will be added following the termination of trading in the December contract of the current year.

Termination Of Trading

Trading terminates 3 business days before the termination of trading in the underlying futures contract.

The underlying futures spread is defined as the settlement price of the first nearby underlying Crude Oil futures contract less the settlement price of the second nearby Crude Oil futures contract. A Crude Oil Financial Calendar Spread Put Option traded on the Exchange represents the cash difference between the strike price and the underlying futures spread, multiplied by 1,000 barrels, or zero, whichever is greater. A Crude Oil Financial Calendar Spread Call Option traded on the Exchange represents the cash difference between the underlying futures spread and the strike price multiplied by 1,000 barrels, or zero, whichever is greater.

A Crude Oil Financial Calendar Spread Put Option traded on the Exchange represents the cash difference between the strike price and the settlement price of the second expiring Light Sweet Crude Oil Futures in the spread less the settlement price of the first expiring Light Sweet Crude Oil Futures in the spread multiplied by 1,000 barrels, or zero, whichever is greater. A Crude Oil Financial Calendar Spread Call Option traded on the Exchange represents the cash difference between the settlement price of the first expiring Light Sweet Crude Oil Futures in the spread less the settlement price of the second expiring Light Sweet Crude Oil Futures in the spread and the strike price multiplied by 1,000 barrels, or zero, whichever is greater.

A Crude Oil Financial Calendar Spread Put Option traded on the Exchange represents the cash difference between the strike price and the settlement price of the second expiring Light Sweet Crude Oil Futures in the spread less the settlement price of the first expiring Light Sweet Crude Oil Futures in the spread multiplied by 1,000 barrels, or zero, whichever is greater. A Crude Oil Financial Calendar Spread Call Option traded on the Exchange represents the cash difference between the settlement price of the first expiring Light Sweet Crude Oil Futures in the spread less the settlement price of the second expiring Light Sweet Crude Oil Futures in the spread and the strike price multiplied by 1,000 barrels, or zero, whichever is greater.

A Crude Oil Financial Calendar Spread Put Option traded on the Exchange represents the cash difference between the strike price and the settlement price of the second expiring Light Sweet Crude Oil Futures in the spread less the settlement price of the first expiring Light Sweet Crude Oil Futures in the spread multiplied by 1,000 barrels, or zero, whichever is greater. A Crude Oil Financial Calendar Spread Call Option traded on the Exchange represents the cash difference between the settlement price of the first expiring Light Sweet Crude Oil Futures in the spread less the settlement price of the second expiring Light Sweet Crude Oil Futures in the spread and the strike price multiplied by 1,000 barrels, or zero, whichever is greater.

A Crude Oil Financial Calendar Spread Put Option traded on the Exchange represents the cash difference between the strike price and the settlement price of the second expiring Light Sweet Crude Oil Futures in the spread less the settlement price of the first expiring Light Sweet Crude Oil Futures in the spread multiplied by 1,000 barrels, or zero, whichever is greater. A Crude Oil Financial Calendar Spread Call Option traded on the Exchange represents the cash difference between the settlement price of the first expiring Light Sweet Crude Oil Futures in the spread less the settlement price of the second expiring Light Sweet Crude Oil Futures in the spread and the strike price multiplied by 1,000 barrels, or zero, whichever is greater.

A Short-Term Crude Oil Put Option contract traded on the Exchange represents the cash difference between the exercise price and the settlement price of the first nearby underlying Light Sweet Crude Oil Futures contract multiplied by 1,000, or zero, whichever is greater. In the event that the option is expiring on the last trading day of the first nearby underlying Light Sweet Crude Oil Futures contract, the second nearby underlying futures will be used for settlement. A Short-Term Crude Oil Call Option contract traded on the Exchange represents the cash difference between the settlement price of the first nearby settlement price of Crude Oil Futures contract and the exercise price multiplied by 1,000, or zero, whichever is greater. In the event that the option is expiring on the last trading day of the first nearby Crude Oil Futures contract, the second nearby underlying futures will be used for settlement.

Daily contracts listed for the current day and the following four business days within a seven-calendar day period, unless that business day coincides with the expiration of a monthly Crude Oil Option in which case it will not be listed. No short-term option shall be listed if its expiration coincides with an Exchange holiday.

Termination Of Trading

Expiration day will coincide with the contract ticker symbol. For example, C25 N11 would coincide with a Short-Term Crude Oil Option expiration of July 25, 2011.

Options expire on Friday. If the Friday of the listing is a scheduled Exchange holiday, the option shall terminate on the first Business Day immediately preceding the Friday. However, if the first Business Day immediately preceding the Friday is the expiration of a Crude Oil monthly option, the weekly option shall not be listed for trading.

Welcome to WTI Crude Oil Futures

Whether you are a new trader looking to get started in futures, or an experienced trader looking for a better way to hedge crude oil, NYMEX WTI Light Sweet Crude Oil futures are the most efficient way to trade today’s global oil markets.

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CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.